Alpine Construction, Inc. has a $100,000 line of credit with the Bow Valley Bank. The annual percentage rate is the current prime rate plus 3 1/4% . The balance on June 1 was $52,900. On June 8, Alpine borrowed $30,600 to pay for a shipment of lumber and roofing materials and on June 18 borrowed another $12,300 for equipment repairs. On June 28, a $35,000 payment was made on the account. The billing cycle for June has 30 days. The current prime rate is 7 3/4% What is Alpine’s new balance
Alpine Construction, Inc. has a $100,000 line of credit with the Bow Valley Bank. The annual percentage rate is the current prime rate plus 3 1/4% . The balance on June 1 was $52,900. On June 8, Alpine borrowed $30,600 to pay for a shipment of lumber and roofing materials and on June 18 borrowed another $12,300 for equipment repairs. On June 28, a $35,000 payment was made on the account. The billing cycle for June has 30 days. The current prime rate is 7 3/4% What is Alpine’s new balance
Chapter1: Financial Statements And Business Decisions
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Alpine Construction, Inc. has a $100,000 line of credit with the Bow Valley Bank. The annual percentage rate is the current prime rate plus 3 1/4% . The balance on June 1 was $52,900. On June 8, Alpine borrowed $30,600 to pay for a shipment of lumber and roofing materials and on June 18 borrowed another $12,300 for equipment repairs. On June 28, a $35,000 payment was made on the account. The billing cycle for June has 30 days. The current prime rate is 7 3/4%
What is Alpine’s new balance
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